If you have about 15-20 years worth of old American Rifleman mags, you find an article I wrote on the 7.65. Briefly, my gun shot patterns until I switched to .313 diameter bullets. Then, my scoped, sporterzed Argentine Mauser could fire three rounds touching at 100 yards. .312 diameter bullets did quite well also but no as well as the .313s. You're wasting your time with .311 diameter bullets.

Certainly, older reloading manuals have loading data for the 7.65. Incidentally, this action is not as strong as later Mausers and you should stay within published reloading data. Also, the Argentine is not a good platform for conversion to modern calibers.

I load for two Argentines, a "bubbaed"'91 and a '09 cavalry carbine. The 91 seems to prefer the longer bullets , my best load is a 174 gr. Hornady round nose over 46.5 gr. of IMR 4831 with a CCI 200 primer in a Norma case. Not a barn burner by any means but fairly accurate .
The load for the 09 is a 150 gr. Sierra or Hornady, they both seem to shoot equally , over 43.0 gr. of IMR 4064, CCI 200, Norma case.

Both loads are below max according to the NRA Handbook for Reloading of 1980.

I have tried to load Hornady 123 gr. SP (310 dia.) with various powders, none have been real impressive so far.

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